Philippine central bank to continue supporting economic recovery despite rate hikes

08/02/2022

Less than a minute

2022.08.02 08:50

Philippine central bank to continue supporting economic recovery despite rate hikes
Philippine central bank chief Felipe Medalla attends an economic briefing following President Ferdinand Marcos Jr’s first State of the Nation Address, in Pasay City, Metro Manila, Philippines, July 26, 2022. REUTERS/Lisa Marie David

MANILA (Reuters) – The Philippine central bank will continue supporting the economy’s recovery despite a planned 25 or 50 basis point rate hike this month, its governor said on Tuesday.

Current policy rates remain accommodative, Bangko Sentral ng Pilipinas Governor Felipe Medalla told a business forum.

Policymakers will meet on August 18 to adjust its reverse repurchase facility rate that is currently at 3.25%.

08/02/2022

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